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Uranium Energy Corp. (NYSE American: UEC) Creating Interest, Building Portfolio

NEW YORK, June 25, 2021 (GLOBE NEWSWIRE) — NetworkNewsAudio – Uranium Energy Corp. (NYSE American: UEC) announces the availability of a broadcast titled, “Time to Capitalize on the Net Zero Emission Initiative.”

To hear the AudioPressRelease, please visit: The NetworkNewsAudio News Podcast

To view the full editorial, please visit: https://nnw.fm/jtRjZ

Against this backdrop, interest in uranium has been on the climb, and shares of Uranium Energy Corp. (NYSE American: UEC) have gained strong interest. Texas-based UEC is a pure-play American uranium company with a portfolio of ISR projects, including hub-and-spoke operations anchored by its fully licensed Hobson Processing Facility in Texas; Reno Creek, the largest permitted pre-construction ISR uranium project in America; and a pipeline of resource-stage uranium projects in Arizona, Colorado (uranium/vanadium), New Mexico and Paraguay.

UEC has also diversified its uranium asset base by adding a large equity stake in Uranium Royalty Corp. and launching a program where it is buying physical uranium stored in the United States. With the projected demand for uranium, this should be like money in the bank for UEC. Elsewhere, in Paraguay, the company controls the Alto Parana project, one of the world’s highest-grade and largest ferro-titanium deposits.

About Uranium Energy Corp.

Uranium Energy is a U.S.-based uranium mining and exploration company. As a leading pure-play American uranium company, UEC is advancing the next generation of low-cost and environmentally friendly in-situ recovery (“ISR”) mining uranium projects. In South Texas, the company’s hub-and-spoke operations are anchored by UEC’s fully licensed Hobson Processing Facility, which is central to its Palangana, Burke Hollow, Goliad and other ISR pipeline projects. In Wyoming, UEC controls the Reno Creek project, which is the largest permitted, pre-construction ISR uranium project in the U.S. Additionally, the company’s diversified holdings provide exposure to a unique portfolio of uranium related assets, including: 1) major equity stake in the only royalty company in the sector, Uranium Royalty Corp; 2) physical uranium warehoused in the U.S.; and 3) a pipeline of resource-stage uranium projects in Arizona, Colorado, New Mexico and Paraguay. In Paraguay, the company owns one of the largest and highest-grade ferro-titanium deposits in the world. The company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.

For more information about the company, visit www.UraniumEnergy.com.

NOTE TO INVESTORS: The latest news and updates relating to UEC are available in the company’s newsroom at https://ibn.fm/UEC.

About NetworkNewsWire

NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

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PLBY Group to Join Russell 2000 Index and Russell 3000 Index

LOS ANGELES, June 25, 2021 (GLOBE NEWSWIRE) — PLBY Group, Inc. (NASDAQ: PLBY) (“PLBY Group”), a leading pleasure and leisure lifestyle company and owner of Playboy, one of the most recognizable and iconic brands in the world, announced today that PLBY Group is expected to join the small cap Russell 2000® Index and the broad-market Russell 3000® Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, 2021, according to a preliminary list of additions posted by FTSE Russell on June 4, 2021.

Ben Kohn, PLBY Group’s Chief Executive Officer stated, “We are very pleased to be included in the Russell indexes. This is another great milestone for our company in what has been a transformative year so far.”

Annual Russell indexes reconstitution captures the 4,000 largest US stocks as of May 7, 2021, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $10.6 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider. For more information on the Russell 3000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About PLBY Group, Inc.

PLBY Group connects consumers around the world with products, services, and experiences to help them look good, feel good, and have fun. PLBY Group serves consumers in four major categories: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming. PLBY Group’s flagship consumer brand, Playboy, is one of the most recognizable, iconic brands in the world, driving billions of dollars in consumer spending annually across approximately 180 countries. Learn more at http://www.plbygroup.com.

About FTSE Russell

FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $17.9 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering. FTSE Russell is wholly owned by London Stock Exchange Group. For more information, visit www.ftserussell.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These forward-looking statements include, without limitation, PLBY Group’s expectations with respect to future performance, growth plans and anticipated financial impacts of PLBY Group’s recent business combination, its acquisitions and commercial collaborations. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Factors that may cause such differences include, but are not limited to: (1) the impact of COVID-19 pandemic on the PLBY Group’s business or acquired businesses; (2) the inability to maintain the listing of the PLBY Group’s shares of common stock on Nasdaq; (3) the risk that the business combination, recent acquisitions or any proposed transactions disrupt the PLBY Group’s current plans and/or operations, including the risk that PLBY Group does not complete any such proposed transactions or achieve the expected benefits from them; (4) the ability to recognize the anticipated benefits of the business combination, acquisitions, commercial collaborations and proposed transactions which may be affected by, among other things, competition, the ability of PLBY Group to grow and manage growth profitably, and retain key employees; (5) costs related to being a public company, acquisitions, commercial collaborations and proposed transactions; (6) changes in applicable laws or regulations; (7) the possibility that PLBY Group may be adversely affected by other economic, business, and/or competitive factors; (8) risks relating to the uncertainty of the projected financial information of PLBY Group; (9) risks related to the organic and inorganic growth of PLBY Group’s business and the timing of expected business milestones; and (10) other risks and uncertainties indicated from time to time in PLBY Group’s annual report on Form 10-K, including those under “Risk Factors” therein, and in the PLBY Group’s other filings with the Securities and Exchange Commission. PLBY Group cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements. The forward-looking statements included in this press release represent PLBY Group’s views only as of the date of this press release and not PLBY Group’s views as of any subsequent date and should not be unduly relied upon. PLBY Group undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changes in PLBY Group’s expectations, or otherwise, except as required by law.

Contact

Investors: [email protected]
Media: [email protected]



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CN’s Open Gateways Commitment in CN-KCS Combination Provides Grain Customers, Including in the Upper Midwestern U.S., the Competitive Access They Want

CN’s Open Gateways Commitment in CN-KCS Combination Provides Grain Customers, Including in the Upper Midwestern U.S., the Competitive Access They Want

Pro-competitive open gateways commitment preserves all existing competitive options; gives customers the choice of route

Maintains existing routes for agricultural customers in Upper Midwest

Provides new, single-line, rail-to-rail competition

Former Director of Office of Economics and Chief Economist at the Surface Transportation Board describes CN’s open gateways offer as “a big deal”

MONTREAL & KANSAS CITY, Mo.–(BUSINESS WIRE)–
CN (TSX: CNR) (NYSE: CNI) and Kansas City Southern (NYSE: KSU) (“KCS”) today highlighted the benefits realized by grain customers, including farmer-owned grain co-operatives, through CN’s open gateways commitment in the CN-KCS combination. These stakeholders, including agricultural customers in the Upper Midwestern U.S., would benefit from a choice of routes and competitive rates, better service and innovation resulting from the competition for their business.

“CN’s commitment to keep gateways open on commercially reasonable terms means that agricultural customers, including farmer-owned co-operatives, enjoying competitive joint line routings with CN or KCS, will continue to have those routings available upon completion of the merger,” said James Cairns, CN’s Senior Vice President, Rail Centric Supply Chain. “This commitment assures grain customers shipping over CP lines to Kansas City and beyond will continue to enjoy the interline service they have today, along with new, enhanced rail-to-rail competition. However, for these benefits to be realized, the CN voting trust must be approved by the Surface Transportation Board (“STB”).”

In an op-ed published by Railway Age on June 22nd, Dr. William Huneke, the former Director of the Office of Economics and Chief Economist at STB described CN’s open gateways commitment as a “big deal,” stating:

  • “This commitment ensures that shippers who today enjoy competitive joint line routings with either CN or KCS will continue to have those routings available to them in a post CN/KCS merger environment, even if a merged CN/KCS could handle the entire movement via a single-line routing.”
  • “This means continued competition, and we know that competition encourages lower rates, better service and innovation.”
  • “The commitment is not just about maintaining physical routings, but also about ensuring that the routings are commercially reasonable to the shipper. What is meant by “open on commercially reasonable terms”? This means all market participants, railroads and shippers will benefit: They will get a fair chance to compete. They will pay and receive remunerative rates and get efficient service. If a shipper is not happy with their service, they can switch to another carrier because they will still have a choice.”
  • “A CN/KCS combination will create a strong new rail-to-rail competitor that will provide new single-line rail movements in competition with other rail carriers. In addition, with the gateway commitment, shippers will also have the option to use an existing routing or other routings involving more than just the merged CN/KCS.”

More than 1,500 letters in support of the CN-KCS combination have been sent to CN and KCS and filed with the STB from customers, suppliers, elected officials and other stakeholders. A list of our supporters can be found at www.ConnectedContinent.com.

For the combination of KCS and CN to proceed, the STB must first approve the use of a voting trust. CN’s plain vanilla voting trust, which is identical to the CP trust approved for use by the STB, is an integral component of the CN-KCS combination. It prevents premature control of KCS, allows KCS to maintain independence and protects KCS’ financial health during the STB’s review of the ultimate combination of CN and KCS. Additionally, CN has committed to divesting the sole area of overlap between the CN and KCS networks – KCS’ 70-mile line between New Orleans and Baton Rouge – thereby making the combination a true end-to-end transaction, and has agreed to preserve existing route options by keeping gateways open on commercially reasonable terms. The proposed CN-KCS combination represents a procompetitive solution that offers unparalleled opportunities for customers, employees, shareholders, the environment and the North American economy.

For more information on CN’s pro-competitive combination with KCS, please visit www.ConnectedContinent.com.

About Dr. Huneke

Dr. Huneke is former Director of the Office of Economics and Chief Economist at the Surface Transportation Board. He is now a consulting economist and provides economic advice to private sector clients. He has provided testimony and litigation advice to Class I railroads, including KCS, and to the American Short Line and Regional Railroads Association.

About CN

CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

About Kansas City Southern

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS’ North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com.

Forward Looking Statements

Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of the proposed transaction between CN and KCS; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Additional risks that may affect KCS’ results of operations appear in Part I, Item 1A “Risks Related to KCS’ Operations and Business” of KCS’ Annual Report on Form 10-K for the year ended December 31, 2020, and in KCS’ other filings with the U.S. Securities and Exchange Commission (“SEC”).

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

No Offer or Solicitation

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

In connection with the proposed transaction, CN has filed with the SEC a registration statement on Form F-4 to register the shares to be issued in connection with the proposed transaction. The registration statement includes a preliminary proxy statement of KCS which, when finalized, will be sent to the stockholders of KCS seeking their approval of the merger-related proposals. The registration statement has not yet become effective. This news release is not a substitute for the proxy statement or registration statement or other documents CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transaction.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT, THE REGISTRATION STATEMENT, THE PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca. Copies of the documents filed by KCS (if and when available) will also be made available free of charge at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’ Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at [email protected].

Participants

This news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN, KCS, and certain of their directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Information about KCS’ directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and from www.sedar.com, as applicable.

Media: CN

Canada

Mathieu Gaudreault

CN Media Relations & Public Affairs

(514) 249-4735

[email protected]

Longview Communications & Public Affairs

Martin Cej

(403) 512-5730

[email protected]

United States

Brunswick Group

Jonathan Doorley / Rebecca Kral

(917) 459-0419 / (917) 818-9002

[email protected]

[email protected]

Media: KCS

C. Doniele Carlson

KCS Corporate Communications & Community Affairs

(816) 983-1372

[email protected]

Joele Frank, Wilkinson Brimmer Katcher

Tim Lynch / Ed Trissel

(212) 355-4449

Investment Community: CN

Paul Butcher

Vice-President

Investor Relations

(514) 399-0052

[email protected]

Investment Community: KCS

Ashley Thorne

Vice President

Investor Relations

(816) 983-1530

[email protected]

MacKenzie Partners, Inc.

Dan Burch / Laurie Connell

(212) 929-5748 / (212) 378-7071

KEYWORDS: Missouri United States North America Canada

INDUSTRY KEYWORDS: Transportation Other Manufacturing Rail Maritime Logistics/Supply Chain Management Air Transport Manufacturing

MEDIA:

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ZEDD, Aloe Blacc and Saint Motel to Headline 19th Annual A&F Challenge Benefitting SeriousFun Children’s Network

Limited amount of tickets are now available for the camp-inspired music festival-meets-fundraiser, which returns on September 24, 2021

NEW ALBANY, Ohio, June 25, 2021 (GLOBE NEWSWIRE) — Abercrombie & Fitch Co. (NYSE: ANF) today announced the musical lineup for its annual fundraiser, The A&F Challenge, supporting SeriousFun Children’s Network (SeriousFun). ZEDD, Aloe Blacc and Saint Motel will headline the September 24, 2021, event, with supporting acts from 90’s Kids, Vesperteen, Honey and Blue and Ghost Story.

This year’s music festival and fundraiser, presented by A&F Co. and Flying Horse Farms, aims to celebrate the magic of camp and raise funds for SeriousFun Children’s Network, a global community of camps for kids with serious illnesses and their families. After postponing the 2020 event, The A&F Challenge returns for a reimagined evening that will deliver camp experiences while prioritizing guest health and safety. This year’s reduced capacity event will be adults only and will also include virtual celebrations to support SeriousFun from home.

In addition to live music, those attending the A&F Challenge can experience unlimited food and drink from local partners, including a beer garden sponsored by Rhinegeist Brewery, and various experiences such as an exclusive DIY apparel booth, glamp lounges, axe throwing, hot air balloon rides and more. The event will be held at A&F Co.’s Global Home Office in New Albany, Ohio, from 5-11pm.

General admission is $100 and includes access to all activities and an event tee. VIP tickets are also available, offering guests an elevated experience with exclusive stage viewing areas, additional Challenge merchandise and more. For those celebrating virtually, tickets are $25, and a virtual VIP experience kit is available for $100. All participants are invited to fundraise beyond their ticket price to raise additional money for SeriousFun via www.anfchallenge.org.

“We greatly missed hosting the A&F Challenge last year – and while we have continued to support camp virtually alongside our associates and business partners, we’re thrilled to be able to celebrate in person this year, especially as it also marks the fulfillment of our five-year commitment to SeriousFun,” said Fran Horowitz, CEO of Abercrombie & Fitch Co. “We are honored to help SeriousFun give children with serious illnesses the magical experience of camp free of charge, and more importantly, help them feel like kids again.”

Founded by actor and philanthropist Paul Newman, SeriousFun is made up of 30 camps and programs across the globe that allow children living with more than 50 medical conditions the opportunity to experience the joy, hope and friendship of camp – always free of charge. The Network includes Flying Horse Farms – located north of Columbus in Mt. Gilead, Ohio – where A&F Co. associates have volunteered for more than 15,000 hours since it opened in 2011.

In 2016, A&F Co. and SeriousFun launched a five-year, $15 million partnership through 2021, which was inspired by associates’ enthusiasm for volunteering for the organization. The unique partnership includes a summer program that sends more than 100 A&F Co. associates to volunteer as camp counselors at 15 camps worldwide. A&F Co. has donated over $12 million and 340,000 t-shirts for campers since the partnership launched in 2016, far surpassing the original commitment. To date, associates have spent more than 90,0000 hours volunteering across the network and have raised more than $600,000 through their own fundraising efforts. Since 2001, the A&F Challenge has raised over $24 million for a variety of charities, including SeriousFun, which support A&F Co.’s philanthropic mission to positively impact the communities it touches around the world.

For more information or to purchase tickets, visit www.anfchallenge.org.



About Abercrombie & Fitch Co.


Abercrombie & Fitch Co. (NYSE: ANF) is a leading, global specialty retailer of apparel and accessories for men, women and kids through five renowned brands. The iconic Abercrombie & Fitch brand was born in 1892 and aims to make every day feel as exceptional as the start of a long weekend. abercrombie kids sees the world through kids’ eyes, where play is life and every day is an opportunity to be anything and better anything. The Hollister brand believes in liberating the spirit of an endless summer inside everyone and making teens feel celebrated and comfortable in their own skin. Gilly Hicks, offering intimates, loungewear and sleepwear, is designed to invite everyone to embrace who they are underneath it all. Social Tourist, the creative vision of Hollister and social media personalities, Dixie and Charli D’Amelio, offers trend forward apparel that allows teens to experiment with their style, while exploring the duality of who they are both on social media and in real life.

The brands share a commitment to offering products of enduring quality and exceptional comfort that allow consumers around the world to express their own individuality and style. Abercrombie & Fitch Co. operates approximately 730 stores under these brands across North America, Europe, Asia and the Middle East, as well as the e-commerce sites www.abercrombie.com, www.abercrombiekids.com, www.hollisterco.com, www.gillyhicks.com, and www.socialtourist.com 


About SeriousFun Children’s Network


SeriousFun Children’s Network is a global community of 30 camps and programs serving children with serious illnesses and their families, always free of charge. Following the founding of The Hole in the Wall Gang Camp by actor and philanthropist Paul Newman in 1988, he and other like-hearted individuals opened similar camps around the world, ultimately joining together to form SeriousFun Children’s Network. Thanks to a shared vision and collective contributions, the Network has evolved to become the leader in the field of medical specialty camps, delivering more than 1.4 million life-changing experiences to children and families from more than 50 countries. Each member camp is an independent, not-for-profit organization dependent upon private funding to serve all children at no cost to their families. To learn more about SeriousFun, visit www.seriousfun.org.

Media Contact  

Kara Page

(614) 283-6192

[email protected]



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PLAYSTUDIOS Announces New $75 Million Revolving Credit Facility

PLAYSTUDIOS Announces New $75 Million Revolving Credit Facility

LAS VEGAS–(BUSINESS WIRE)–PLAYSTUDIOS, Inc. (Nasdaq: MYPS) (“PLAYSTUDIOS” or the “Company”), an award-winning developer of free-to-play casual mobile and social games that offer real-world rewards to loyal players, announced today that it has entered into a new $75 million, five-year secured revolving credit facility (“New Credit Facility”) to support its future growth initiatives. The New Credit Facility also provides the Company with an option to increase the credit facility for up to an additional $75 million.

“This new credit facility adds liquidity to our already strong cash position, lowers our costs of capital, and represents a significant vote of confidence from our financial partners,” said Andrew Pascal, Founder, Chairman, and Chief Executive Officer of PLAYSTUDIOS. “In addition, the facility provides the financial flexibility needed to execute on our long-term plans to successfully grow the business.”

The New Credit Facility replaces the existing revolving credit facility and will mature on June 24, 2026. The interest rates are determined on the basis of either a Eurodollar rate or an Alternate Base Rate plus an applicable margin. The applicable margins are initially 2.50%, in the case of Eurodollar loans, and 1.50%, in the case of Alternate Base Rate loan and are subject to floors of 0.00% and 1.00%, respectively. The applicable margin is subject to adjustment based upon the Company’s Total Net Leverage Ratio (as defined in the New Credit Facility agreement). Borrowings under the New Credit Facility may be borrowed, repaid, and re-borrowed by the Company and are available for working capital, general corporate purposes, and permitted acquisitions.

The New Credit Facility agreement contains customary financial covenants as well as affirmative and negative covenants customary for transactions of this type, including limitations with respect to indebtedness, liens, investments, dividends, disposition of assets, change in business and transactions with affiliates. Loans under the New Credit Facility are secured by a perfected first priority security interest in substantially all of our tangible and intangible assets.

JPMorgan Chase Bank, N.A., Silicon Valley Bank and Wells Fargo Securities, LLC, served as joint bookrunners and joint lead arrangers. JPMorgan Chase Bank, N.A., serves as the administrative agent.

About PLAYSTUDIOS, Inc.

PLAYSTUDIOS, Inc. (Nasdaq: MYPS) is the developer and operator of award-winning free-to-play casual games for mobile and social platforms. The company’s collection of original and published titles is powered by its groundbreaking playAWARDS loyalty marketing platform, which enables players to earn real-world rewards from a portfolio of global entertainment, retail, technology, travel, leisure, and gaming brands across 17 countries and four continents. Founded by a team of veteran gaming, hospitality, and technology entrepreneurs, PLAYSTUDIOS brings together beautifully designed mobile gaming content with an innovative loyalty platform in order to provide its players with an unequaled entertainment experience and its partners with actionable business insights. To learn more about PLAYSTUDIOS, visit playstudios.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The company’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the company to grow and manage growth profitably, and retain its key employees; (2) costs related to the business combination; (3) the inability to maintain listing of the company’s shares on the Nasdaq; (4) the company’s ability to execute its business plan and meet its projections; (5) the outcome of any legal proceedings that may be instituted against the company; (6) the impact of COVID-19 on the company’s business; (7) the company’s transition to becoming a public company including the associated expenses and the impact of public financial and other disclosures on its negotiations and arrangements with key counterparties; (8) changes in applicable laws or regulations; (9) general economic, business, and/or competitive factors; and (10) other risks and uncertainties included from time to time in the company’s other filings with the U.S. Securities and Exchange Commission (the “SEC”). Additional information will be made available in other filings that the company makes from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that the company believes to be reasonable as of this date. The company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Investor Relations

Jacques Cornet

[email protected]

Media Relations

Amy Rossetti

[email protected]

KEYWORDS: Nevada United States North America

INDUSTRY KEYWORDS: Marketing Entertainment Communications Social Media Mobile Entertainment Electronic Games

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CIM Commercial Trust Corporation Raises $78.8 million in Rights Offering

CIM Commercial Trust Corporation Raises $78.8 million in Rights Offering

DALLAS–(BUSINESS WIRE)–
CIM Commercial Trust Corporation (NASDAQ: CMCT and TASE: CMCT‑L) (“we”, “our”, “CMCT”, “CIM Commercial”, or the “Company”) announced the final results of its rights offering, which expired at 4:00 p.m., New York Time, on June 23, 2021.

The Company received subscription requests (including over-subscription requests) in respect of 8,521,589 shares of its common stock at a subscription price of $9.25 per share. Accordingly, the Company raised aggregate gross proceeds of approximately $78.8 million in the rights offering. The Company expects to issue the 8,521,589 shares of its common stock subscribed for in the rights offering on or about June 28, 2021.

About CIM Commercial

CIM Commercial is a real estate investment trust that primarily acquires, owns, and operates Class A and creative office assets in vibrant and improving metropolitan communities throughout the United States. Its properties are primarily located in Los Angeles and the San Francisco Bay Area. CIM Commercial is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities (www.cimcommercial.com).

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the rights offering, including statements containing the words “will,” “expect,” and words of similar import. For a list and description of the risks and uncertainties inherent in forward-looking statements, see the Annual Report on Form 10-K (as amended) filed by the Company in respect of the fiscal year ended December 31, 2020, and the prospectus supplement relating to the rights offering filed by the Company with the SEC on June 10, 2021. Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. CIM Commercial undertakes no obligation to publicly update or release any revisions to its forward-looking statements, whether to reflect new information, future events, changes in assumptions or circumstances or otherwise, except as required by law.

For CIM Commercial Trust Corporation

Media Relations:

Karen Diehl, Diehl Communications, 310-741-9097

[email protected]

or

Shareholder Relations:

Steve Altebrando, 646-652-8473

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT

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CN’s Open Gateways Commitment in CN-KCS Combination Provides Grain Customers, Including in the Upper Midwestern U.S., the Competitive Access They Want

Pro-competitive open gateways commitment preserves all existing competitive options; gives customers the choice of route

Maintains existing routes for agricultural customers in Upper Midwest

Provides new, single-line, rail-to-rail competition

Former Director of Office of Economics and Chief Economist at the Surface Transportation Board describes CN’s open gateways offer as “a big deal”

MONTREAL and KANSAS CITY, Mo., June 25, 2021 (GLOBE NEWSWIRE) — CN (TSX: CNR, NYSE: CNI) and Kansas City Southern (NYSE: KSU) (“KCS”) today highlighted the benefits realized by grain customers, including farmer-owned grain co-operatives, through CN’s open gateways commitment in the CN-KCS combination. These stakeholders, including agricultural customers in the Upper Midwestern U.S., would benefit from a choice of routes and competitive rates, better service and innovation resulting from the competition for their business.

“CN’s commitment to keep gateways open on commercially reasonable terms means that agricultural customers, including farmer-owned co-operatives, enjoying competitive joint line routings with CN or KCS, will continue to have those routings available upon completion of the merger,” said James Cairns, CN’s Senior Vice President, Rail Centric Supply Chain. “This commitment assures grain customers shipping over CP lines to Kansas City and beyond will continue to enjoy the interline service they have today, along with new, enhanced rail-to-rail competition. However, for these benefits to be realized, the CN voting trust must be approved by the Surface Transportation Board (“STB”).”

In an op-ed published by Railway Age on June 22nd, Dr. William Huneke, the former Director of the Office of Economics and Chief Economist at STB described CN’s open gateways commitment as a “big deal,” stating:

  • “This commitment ensures that shippers who today enjoy competitive joint line routings with either CN or KCS will continue to have those routings available to them in a post CN/KCS merger environment, even if a merged CN/KCS could handle the entire movement via a single-line routing.”
  • “This means continued competition, and we know that competition encourages lower rates, better service and innovation.”
  • “The commitment is not just about maintaining physical routings, but also about ensuring that the routings are commercially reasonable to the shipper. What is meant by “open on commercially reasonable terms”? This means all market participants, railroads and shippers will benefit: They will get a fair chance to compete. They will pay and receive remunerative rates and get efficient service. If a shipper is not happy with their service, they can switch to another carrier because they will still have a choice.”
  • “A CN/KCS combination will create a strong new rail-to-rail competitor that will provide new single-line rail movements in competition with other rail carriers. In addition, with the gateway commitment, shippers will also have the option to use an existing routing or other routings involving more than just the merged CN/KCS.”

More than 1,500 letters in support of the CN-KCS combination have been sent to CN and KCS and filed with the STB from customers, suppliers, elected officials and other stakeholders. A list of our supporters can be found at www.ConnectedContinent.com.

For the combination of KCS and CN to proceed, the STB must first approve the use of a voting trust. CN’s plain vanilla voting trust, which is identical to the CP trust approved for use by the STB, is an integral component of the CN-KCS combination. It prevents premature control of KCS, allows KCS to maintain independence and protects KCS’ financial health during the STB’s review of the ultimate combination of CN and KCS. Additionally, CN has committed to divesting the sole area of overlap between the CN and KCS networks – KCS’ 70-mile line between New Orleans and Baton Rouge – thereby making the combination a true end-to-end transaction, and has agreed to preserve existing route options by keeping gateways open on commercially reasonable terms. The proposed CN-KCS combination represents a procompetitive solution that offers unparalleled opportunities for customers, employees, shareholders, the environment and the North American economy.

For more information on CN’s pro-competitive combination with KCS, please visit www.ConnectedContinent.com.

About Dr. Huneke

Dr. Huneke is former Director of the Office of Economics and Chief Economist at the Surface Transportation Board. He is now a consulting economist and provides economic advice to private sector clients. He has provided testimony and litigation advice to Class I railroads, including KCS, and to the American Short Line and Regional Railroads Association.

About CN
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

About Kansas City Southern
Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS’ North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com

Forward Looking Statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of the proposed transaction between CN and KCS; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Additional risks that may affect KCS’ results of operations appear in Part I, Item 1A “Risks Related to KCS’ Operations and Business” of KCS’ Annual Report on Form 10-K for the year ended December 31, 2020, and in KCS’ other filings with the U.S. Securities and Exchange Commission (“SEC”).

Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

No Offer or Solicitation
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It
In connection with the proposed transaction, CN has filed with the SEC a registration statement on Form F-4 to register the shares to be issued in connection with the proposed transaction. The registration statement includes a preliminary proxy statement of KCS which, when finalized, will be sent to the stockholders of KCS seeking their approval of the merger-related proposals. The registration statement has not yet become effective. This news release is not a substitute for the proxy statement or registration statement or other documents CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transaction.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT, THE REGISTRATION STATEMENT, THE PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTIONS. Any definitive proxy statement(s), registration statement or prospectus(es) and other documents filed by CN and KCS (if and when available) will be mailed to stockholders of CN and/or KCS, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca. Copies of the documents filed by KCS (if and when available) will also be made available free of charge at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’ Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at [email protected].

Participants
This news release is neither a solicitation of a proxy nor a substitute for any proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN, KCS, and certain of their directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Information about KCS’ directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and from www.sedar.com, as applicable.


Contacts:


Media: CN


Canada

Mathieu Gaudreault
CN Media Relations & Public Affairs
(514) 249-4735
[email protected]

Longview Communications & Public Affairs
Martin Cej
(403) 512-5730
[email protected]

United States
Brunswick Group
Jonathan Doorley / Rebecca Kral
(917) 459-0419 / (917) 818-9002
[email protected]
[email protected]

Media: KCS
C. Doniele Carlson
KCS Corporate Communications & Community Affairs
(816) 983-1372
[email protected]

Joele Frank, Wilkinson Brimmer Katcher
Tim Lynch / Ed Trissel
(212) 355-4449
Investment Community: CN


Paul Butcher
Vice-President
Investor Relations
(514) 399-0052
[email protected]

Investment Community: KCS
Ashley Thorne
Vice President
Investor Relations
(816) 983-1530
[email protected]

MacKenzie Partners, Inc.
Dan Burch / Laurie Connell
(212) 929-5748 / (212) 378-7071

 



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CEL-SCI Corporation Invites Participants to Pre-Submit Questions for Annual Shareholder Meeting

CEL-SCI Corporation Invites Participants to Pre-Submit Questions for Annual Shareholder Meeting

VIENNA, Va.–(BUSINESS WIRE)–
CEL-SCI Corporation (NYSE American: CVM), a Phase 3 cancer immunotherapy company, invites participants to pre-submit questions for the Company’s upcoming Annual Shareholder Meeting to be held on July 1, 2021 at 10:00 a.m. EDT. Questions can be submitted up until 5:00 p.m. EDT on June 29, 2021. Please email questions to [email protected] and use the subject line, “CVM Call Questions” for this correspondence.

Questions received will be answered as the allotted meeting time permits. After the business portion of the annual meeting concludes and the meeting is adjourned, CEL-SCI will do its best to address pre-submitted questions and reserves the right to exclude questions that are not pertinent to annual meeting matters. We cannot ensure that every shareholder who wishes to have a question or comment addressed during the annual meeting will be able to do so in order to conclude the meeting within a reasonable period of time.

Due to the concerns about the COVID-19 pandemic, CEL-SCI’s annual meeting will be held as a hybrid meeting, both at 8229 Boone Blvd., Suite 802, Vienna, VA 22182 and as a virtual meeting. To attend the Annual Shareholder Meeting online go to www.meetingcenter.io/281205077. We strongly advise you to attend the meeting via the virtual annual shareholder meeting. You may not be able to attend the meeting in person if space is not available.

About CEL-SCI Corporation

CEL-SCI is a clinical-stage biotechnology company focused on finding the best way to activate the immune system to fight cancer and infectious diseases. The Company’s lead investigational therapy Multikine* is currently in a pivotal Phase 3 clinical trial involving head and neck cancer, for which the Company has received Orphan Drug Status from the FDA. The Company has operations in Vienna, Virginia, and near Baltimore, Maryland.

Forward-Looking Statements

This press release and statements made at the annual meeting may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words when used in this press release and at the annual meeting, such as “intends,” “believes,” “anticipated,” “plans” and “expects,” and similar expressions, are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include, an inability to duplicate the clinical results demonstrated in clinical studies, timely development of any potential products that can be shown to be safe and effective, receiving necessary regulatory approvals, difficulties in manufacturing any of the Company’s potential products, inability to raise the necessary capital and the risk factors set forth from time to time in CEL-SCI’s filings with the Securities and Exchange Commission, including but not limited to its report on Form 10-K for the year ended September 30, 2020. The Company undertakes no obligation to publicly release the result of any revision to these forward-looking statements which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

* Multikine (Leukocyte Interleukin, Injection) is the trademark that CEL-SCI has registered for this investigational therapy, and this proprietary name is subject to FDA review in connection with the Company’s future anticipated regulatory submission for approval. Multikine has not been licensed or approved for sale, barter or exchange by the FDA or any other regulatory agency. Similarly, its safety or efficacy has not been established for any use. Moreover, no definitive conclusions can be drawn from the early-phase, clinical-trials data involving the investigational therapy Multikine. Further research is required, and early-phase clinical trial results must be confirmed in the Phase 3 clinical trial of this investigational therapy that is in progress.

Gavin de Windt

CEL-SCI Corporation
(703) 506-9460

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Oncology Health Infectious Diseases Clinical Trials Pharmaceutical Biotechnology

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West Bancorporation, Inc. to Announce Quarterly Results, Hold Conference Call

WEST DES MOINES, Iowa, June 25, 2021 (GLOBE NEWSWIRE) — West Bancorporation, Inc. (Nasdaq: WTBA) (the “Company”), parent company of West Bank, will report its results for the second quarter of 2021, on Thursday, July 29, 2021 before the markets open.

The Company will discuss its results in a conference call scheduled for 10:00 a.m. Central Time on Friday, July 30, 2021. The telephone number for the conference call is 888-339-0814. A recording of the call will be available until August 13, 2021, by dialing 877-344-7529. The replay passcode is 10150541.

West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving its customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services and trust services for consumers and small- to medium-sized businesses. The Bank has seven offices in the greater Des Moines, Iowa area, one office in Coralville, Iowa, and four offices in Minnesota, in the cities of Rochester, Mankato, Owatonna and St. Cloud.  

For more information contact:
Doug Gulling, Executive Vice President, Treasurer and Chief Financial Officer (515) 222-2309



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Paychex, Inc. Reports Fourth Quarter and Full Year 2021 Results; Fourth Quarter Service Revenue Grew 14% to $1.0 Billion; Fourth Quarter Diluted Earnings Per Share Grew 20%; Full Year Service Revenue Ended Above Prior Year

Paychex, Inc. Reports Fourth Quarter and Full Year 2021 Results; Fourth Quarter Service Revenue Grew 14% to $1.0 Billion; Fourth Quarter Diluted Earnings Per Share Grew 20%; Full Year Service Revenue Ended Above Prior Year

 

ROCHESTER, N.Y.–(BUSINESS WIRE)–Paychex, Inc. (the “Company,” “Paychex,” “we,” “our,” or “us”) today announced the following results for the quarter ended May 31, 2021 (the “fourth quarter”) and fiscal year ended May 31, 2021 (“fiscal year”), as compared to the corresponding prior-year periods:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fourth Quarter

 

 

 

 

Fiscal Year

 

 

 

In millions, except per share amounts

 

2021

 

2020

 

Change(2)

 

2021

 

2020

 

Change(2)

Total service revenue

 

$

1,014.7

 

$

889.8

 

14

%

 

$

3,997.5

 

$

3,953.6

 

1

%

Total revenue

 

$

1,029.2

 

$

915.1

 

12

%

 

$

4,056.8

 

$

4,040.5

 

—

%

Operating income

 

$

353.8

 

$

299.6

 

18

%

 

$

1,460.7

 

$

1,460.5

 

—

%

Diluted earnings per share

 

$

0.73

 

$

0.61

 

20

%

 

$

3.03

 

$

3.04

 

—

%

Adjusted diluted earnings per share(1)

 

$

0.72

 

$

0.61

 

18

%

 

$

3.04

 

$

3.00

 

1

%

(1)

Adjusted diluted earnings per share is not a United States (“U.S.”) generally accepted accounting principle (“GAAP”) measure. Adjusted diluted earnings per share includes adjustments for one-time non-recurring cost-saving initiatives in the first half of our 2021 fiscal year and net tax windfall benefits related to employee stock-based compensation payments. Please refer to the “Non-GAAP Financial Measures” section on page 4 of this press release for a discussion of non-GAAP measures and a reconciliation to the U.S. GAAP measure of diluted earnings per share.

 

(2)

Percentage changes are calculated based on unrounded numbers.

Martin Mucci, president and chief executive officer, commented, “We ended this year with strong momentum having navigated through a fiscal year of unprecedented challenges. Our fourth quarter results were driven by record client retention levels, record sales results, and stronger checks per client, which were driven by improving macroeconomic conditions and gains in employment. Client base growth was strong and we ended the fiscal year with over 710,000 clients. We are proud to finish the year with positive service revenue growth which is a testament to the resiliency, innovation, and commitment of our employees and the strength of our business model. Having navigated through the uncertain environment of the pandemic, we are well-positioned with the continued innovation of our technology and product suite to meet the continuing needs of businesses and help them succeed and thrive as they begin to bring employees back to work and adjust to the changes of how, where, and when work gets done.”

Mucci added, “Earlier this month, we hosted our Paychex Business Conference which brought together experts, insights, and resources to provide the solutions clients are seeking to build a better workplace, team, and business that will thrive in 2021 and beyond. The virtual event featured HR and business experts, workplace visionaries, and demonstration of the technology and service options that Paychex brings to our markets. This conference also provided an important way for us to thank our clients for their tremendous loyalty as shown in our record levels of client retention.”

Fourth Quarter Business Highlights

Highlights as compared to the corresponding prior-year period are as follows:

Management Solutions revenue was $756.4 million, an increase of 14%, led by the following:

  • Increase in our client base and penetration of our suite of solutions, particularly HR outsourcing, retirement services, and time and attendance.
  • Continued solid growth experienced from new services and product initiative offerings.
  • Higher checks per client as businesses start to recover from the COVID-19 pandemic and their employees return to work.

Professional Employer Organization (“PEO”) and Insurance Solutions revenue was $258.3 million, an increase of 13%, driven by the following:

  • Increase in the number of worksite employees at our clients.
  • Higher margins on state unemployment insurance.

Interest on funds held for clients decreased 43% to $14.5 million, impacted by the following:

  • Lower realized gains of $8.7 million and lower average interest rates impact of $3.9 million, offset by
  • 11% increase in average investment balances; impacted by growth in our overall client base and improving macroeconomic conditions as businesses recover from the pandemic.

Total expenses increased 10% to $675.4 million, impacted by the following:

  • Higher performance-based compensation compared to fiscal fourth quarter of 2020 when performance was negatively affected by the sharp decline due to the start of the pandemic.
  • Increase in PEO direct insurance costs due to growth in client worksite employees across the PEO business.

Operating income was $353.8 million. Operating margin (operating income as a percentage of total revenue) was 34.4% compared to 32.7% for the prior year.

Our effective income tax rate was 24.0% compared to 24.3% for the prior year, impacted by the recognition of net discrete tax benefits related to employee stock-based compensation payments, with a higher volume of employee stock option exercises experienced in the current period.

Fiscal 2021 Business Highlights

Highlights as compared to the prior year are as follows:

  • Payroll client base growth of 4%.
  • HR Solutions and PEO client worksite employees growth of 18%.

     

Management Solutions revenue was $3.0 billion, an increase of 2%, impacted by the following:

  • Payroll client base growth and increased penetration of our suite of solutions, including HR Solutions, Retirement Services, and Time and Attendance.
  • Growth in ancillary products and services due to higher transaction volumes, offset by
  • A decline in check volumes experienced during the first three quarters of our fiscal year from an overall reduction in the number of clients processing payrolls due to lower employment levels during the pandemic.

PEO and Insurance Solutions revenue was $974.1 million, a decrease of 2%, driven by the following:

  • Decrease in the number of worksite employees at our clients in the first three quarters, offset by growth in the fourth quarter.
  • Lower workers’ compensation premiums driven by reduced wages and softening of market rates.

Interest on funds held for clients decreased 32% to $59.3 million, primarily impacted by:

  • Lower average interest rates and realized gains.
  • Average investment balances were consistent.

Total expenses of $2.6 billion increased 1%, primarily impacted by:

  • Higher performance-based compensation due to stronger than anticipated performance for fiscal 2021, compared to fiscal 2020 where performance was impacted in the fourth quarter by the sharp decline due to the start of the pandemic.
  • Increases were largely offset by lower discretionary and facilities spend due to office closures and restrictions resulting from the pandemic, as well as lower amortization of intangible assets and the impact of cost savings initiatives.

Operating income was $1.5 billion. Operating margin (operating income as a percentage of total revenue) was 36.0% compared to 36.1% for the prior year.

Our effective income tax rate was 23.5% compared to 23.6% for the prior year, impacted by the recognition of net discrete tax benefits related to employee stock-based compensation payments.

Financial Position and Liquidity

Our financial position and cash flow generation remained strong. As of May 31, 2021, we had:

  • Cash, restricted cash, and total corporate investments of $1.1 billion.
  • Short-term and long-term borrowings, net of debt issuance costs, of $804.7 million.
  • Cash flows from operations were $1.3 billion for the fiscal year.

Return to Shareholders in Fiscal 2021

  • Paid quarterly dividends totaling $908.7 million.
  • Repurchased 1.7 million shares of our common stock for a total of $155.7 million.

Non-GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

 

 

 

For the twelve months ended

 

 

 

 

 

 

May 31,

 

 

 

 

 

May 31,

 

 

 

 

$ in millions

 

2021

 

 

2020

 

 

Change

 

2021(1)

 

 

2020

 

 

Change

Operating income

 

$

353.8

 

 

$

299.6

 

 

18

%

 

$

1,460.7

 

 

$

1,460.5

 

 

—

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost-saving initiatives(2)

 

 

—

 

 

 

—

 

 

 

 

 

 

32.2

 

 

 

—

 

 

 

 

Total non-GAAP adjustments

 

 

—

 

 

 

—

 

 

 

 

 

 

32.2

 

 

 

—

 

 

 

 

Adjusted operating income

 

$

353.8

 

 

$

299.6

 

 

18

%

 

$

1,492.9

 

 

$

1,460.5

 

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

263.0

 

 

$

220.7

 

 

19

%

 

$

1,097.5

 

 

$

1,098.1

 

 

—

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess tax benefit related to employee stock-based compensation payments(3)

 

 

(2.2)

 

 

 

(0.1)

 

 

 

 

 

 

(19.4)

 

 

 

(14.9)

 

 

 

 

Cost-saving initiatives(2)

 

 

—

 

 

 

—

 

 

 

 

 

 

24.3

 

 

 

—

 

 

 

 

Total non-GAAP adjustments

 

 

(2.2)

 

 

 

(0.1)

 

 

 

 

 

 

4.9

 

 

 

(14.9)

 

 

 

 

Adjusted net income

 

$

260.8

 

 

$

220.6

 

 

18

%

 

$

1,102.4

 

 

$

1,083.2

 

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.73

 

 

$

0.61

 

 

20

%

 

$

3.03

 

 

$

3.04

 

 

—

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess tax benefit related to employee stock-based compensation payments(3)

 

 

(0.01)

 

 

 

—

 

 

 

 

 

 

(0.05)

 

 

 

(0.04)

 

 

 

 

Cost-saving initiatives(2)

 

 

—

 

 

 

—

 

 

 

 

 

 

0.07

 

 

 

—

 

 

 

 

Total non-GAAP adjustments

 

 

(0.01)

 

 

 

—

 

 

 

 

 

 

0.01

 

 

 

(0.04)

 

 

 

 

Adjusted diluted earnings per share

 

$

0.72

 

 

$

0.61

 

 

18

%

 

$

3.04

 

 

$

3.00

 

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

263.0

 

 

$

220.7

 

 

19

%

 

$

1,097.5

 

 

$

1,098.1

 

 

—

%

Non-GAAP adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

8.1

 

 

 

7.7

 

 

 

 

 

 

33.5

 

 

 

26.5

 

 

 

 

Income taxes

 

 

82.9

 

 

 

70.9

 

 

 

 

 

 

336.7

 

 

 

339.0

 

 

 

 

Depreciation and amortization expense

 

 

47.4

 

 

 

51.7

 

 

 

 

 

 

192.0

 

 

 

209.7

 

 

 

 

Total non-GAAP adjustments

 

 

138.4

 

 

 

130.3

 

 

 

 

 

 

562.2

 

 

 

575.2

 

 

 

 

EBITDA

 

 

401.4

 

 

 

351.0

 

 

14

%

 

 

1,659.7

 

 

$

1,673.3

 

 

(1)

%

Cost-saving initiatives(2)

 

 

—

 

 

 

—

 

 

 

 

 

 

32.2

 

 

 

—

 

 

 

 

Adjusted EBITDA

 

$

401.4

 

 

$

351.0

 

 

14

%

 

$

1,691.9

 

 

$

1,673.3

 

 

1

%

(1)

The calculation of the impact of non-GAAP adjustments on diluted earnings per share is performed on each line independently. The table may not add down by +/- $0.01 due to rounding.

(2)

One-time costs and corresponding tax benefit recognized related to the acceleration of cost-saving initiatives, including the long-term strategy to reduce our geographic footprint and headcount optimization. These events are not expected to recur.

(3)

Net tax windfall benefits related to employee stock-based compensation payments recognized in income taxes. This item is subject to volatility and will vary based on employee decisions on exercising employee stock options and fluctuations in our stock price, neither of which is within the control of management.

In addition to reporting operating income, net income, and diluted earnings per share, which are U.S. GAAP measures, we present adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, earnings before interest, taxes, depreciation, and amortization (“EBITDA”), and adjusted EBITDA, which are non-GAAP measures. We believe these additional measures are indicators of our core business operations performance period over period. Adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted earnings per share, EBITDA, and adjusted EBITDA, are not calculated through the application of U.S. GAAP and are not required forms of disclosure by the Securities and Exchange Commission (“SEC”). As such, they should not be considered a substitute for the U.S. GAAP measures of operating income, net income, and diluted earnings per share, and, therefore, they should not be used in isolation but in conjunction with the U.S. GAAP measures. The use of any non-GAAP measure may produce results that vary from the U.S. GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.

Business Outlook

Our outlook for the fiscal year ending May 31, 2022 (“fiscal 2022”) incorporates current assumptions and market conditions. Changes in the macroeconomic environment could alter our guidance. With consideration of these impacts, our outlook is as follows:

  • Management Solutions revenue is anticipated to grow approximately 7%;
  • PEO and Insurance Solutions revenue is anticipated to grow in the range of 8% to 10%;
  • Interest on funds held for clients is expected to be flat;
  • Total revenue is anticipated to grow approximately 7%;
  • Adjusted operating margin(1) is anticipated to be approximately 38%;
  • Adjusted EBITDA margin(1) is anticipated to be approximately 42%;
  • Other expense, net is anticipated to be in the range of $33 million to $37 million;
  • The effective income tax rate for fiscal 2022 is anticipated to be in the range of 24% to 25%; and
  • Adjusted diluted earnings per share(2) is anticipated to grow in the range of 10% to 12%.

(1)

Adjusted operating margin and adjusted EBITDA margin are not U.S. GAAP measures. Adjusted operating margin is calculated as operating margin, adjusted for one-time non-recurring items, as a percentage of total revenue. Adjusted EBITDA margin is calculated as net income, adjusted for interest, taxes, depreciation, amortization, and one-time non-recurring items, as a percentage of total revenue. We believe that the exclusion of certain one-time non-recurring items when calculating these measures provides a better indicator of our core business operations’ performance period over period.

 

(2)

Adjusted diluted earnings per share is not a U.S. GAAP measure. Please refer to the “Non-GAAP Financial Measures” section on page 4 of this press release for a discussion of this non-GAAP measure and a reconciliation to the most comparable U.S. GAAP measure of diluted earnings per share.

Environmental, Social, and Governance (“ESG”)

As part of what it means to be Paychex, we are focusing our ESG efforts on where we can have the most positive impact. To learn more about our latest initiatives, please visit Corporate Social Responsibility on Paychex.com. The information available on our website is not a part of, and is not incorporated into, this press release.

Annual Report on Form 10-K (“Form 10-K”)

We anticipate filing our Form 10-K before the end of July 2021, and it will be available on Paychex Investor Relations. This press release should be read in conjunction with the Form 10-K and the related Notes to Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in that Form 10-K.

Webcast Details

Interested parties may access the webcast of our Earnings Release Conference Call, scheduled for June 25, 2021, at 9:30 a.m. Eastern Time, on Paychex Investor Relations. The webcast will be archived for approximately 90 days. Our news releases, current financial information, SEC filings, and investor presentations are also accessible on Paychex Investor Relations.

About Paychex

Paychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 710,000 payroll clients as of May 31, 2021 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

Certain written and oral statements made by us may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words and phrases as “we expect,” “expected to,” “estimates,” “estimated,” “intend,” “overview,” “outlook,” “guidance,” “we look forward to,” “would equate to,” “projects,” “projections,” “projected,” “projected to be,” “anticipates,” “anticipated,” “we believe,” “believes,” “could be,” “targeting,” and other similar words or phrases. Examples of forward-looking statements include, among others, statements we make regarding operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to our outlook, revenue growth, earnings, earnings-per-share growth, or similar projections.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:

  • the impact of the COVID-19 pandemic on the U.S. and global economy, and in particular on our small- and medium-sized business clients;
  • changes in governmental regulations and policies;
  • our ability to comply with U.S. and foreign laws and regulations;
  • our ability to keep pace with changes in technology and to provide timely enhancements to our products and services;
  • our compliance with data privacy laws and regulations;
  • the possibility of cyberattacks, security vulnerabilities and Internet disruptions, including breaches of data security and privacy leaks, data loss and business interruptions;
  • the possibility of failure of our operating facilities, computer systems, or communication systems during a catastrophic event;
  • the failure of third-party service providers to perform their functions;
  • the possibility that we may be subject to additional risks related to our co-employment relationship with our PEO;
  • changes in health insurance and workers’ compensation insurance rates and underlying claim trends;
  • our clients’ failure to reimburse us for payments made by us on their behalf;
  • the effect of changes in government regulations mandating the amount of tax withheld or the timing of remittances;
  • volatility in the political and economic environment;
  • risks related to acquisitions and the integration of the businesses we acquire;
  • our failure to comply with covenants in our debt agreements;
  • changes in the availability of qualified people, including management, technical, compliance and sales personnel;
  • our failure to protect our intellectual property rights;
  • the possible effects of negative publicity on our reputation and the value of our brand; and
  • potential outcomes related to pending or future litigation matters.

Any of these factors, as well as such other factors as discussed in our SEC filings, could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known as of the date of this press release, and any forward-looking statements made by us in this document speak only as of the date on which it is made. Except as required by law, we undertake no obligation to update these forward-looking statements after the date of issuance of this press release to reflect events or circumstances after such date, or to reflect the occurrence of unanticipated events.

PAYCHEX, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In millions, except per share amounts)

 

 

 

For the three months ended

 

 

 

For the twelve months ended

 

 

 

 

May 31,

 

 

 

May 31,

 

 

 

 

 

2021

 

 

 

2020

 

 

Change(2)

 

 

2021

 

 

 

2020

 

 

Change(2)

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Management Solutions

 

$

756.4

 

 

$

661.8

 

 

14

%

 

$

3,023.4

 

 

$

2,963.0

 

 

2

%

PEO and Insurance Solutions

 

 

258.3

 

 

 

228.0

 

 

13

%

 

 

974.1

 

 

 

990.6

 

 

(2

)%

Total service revenue

 

 

1,014.7

 

 

 

889.8

 

 

14

%

 

 

3,997.5

 

 

 

3,953.6

 

 

1

%

Interest on funds held for clients(1)

 

 

14.5

 

 

 

25.3

 

 

(43

)%

 

 

59.3

 

 

 

86.9

 

 

(32

)%

Total revenue

 

 

1,029.2

 

 

 

915.1

 

 

12

%

 

 

4,056.8

 

 

 

4,040.5

 

 

—

%

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of service revenue

 

 

315.8

 

 

 

291.7

 

 

8

%

 

 

1,271.2

 

 

 

1,280.8

 

 

(1

)%

Selling, general and administrative expenses

 

 

359.6

 

 

 

323.8

 

 

11

%

 

 

1,324.9

 

 

 

1,299.2

 

 

2

%

Total expenses

 

 

675.4

 

 

 

615.5

 

 

10

%

 

 

2,596.1

 

 

 

2,580.0

 

 

1

%

Operating income

 

 

353.8

 

 

 

299.6

 

 

18

%

 

 

1,460.7

 

 

 

1,460.5

 

 

—

%

Other expense, net(1)

 

 

(7.9

)

 

 

(8.0

)

 

n/m

 

 

 

(26.5

)

 

 

(23.4

)

 

n/m

 

Income before income taxes

 

 

345.9

 

 

 

291.6

 

 

19

%

 

 

1,434.2

 

 

 

1,437.1

 

 

—

%

Income taxes

 

 

82.9

 

 

 

70.9

 

 

17

%

 

 

336.7

 

 

 

339.0

 

 

(1

)%

Net income

 

$

263.0

 

 

$

220.7

 

 

19

%

 

$

1,097.5

 

 

$

1,098.1

 

 

—

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.73

 

 

$

0.62

 

 

18

%

 

$

3.05

 

 

$

3.06

 

 

—

%

Diluted earnings per share

 

$

0.73

 

 

$

0.61

 

 

20

%

 

$

3.03

 

 

$

3.04

 

 

—

%

Weighted-average common shares

outstanding

 

 

360.2

 

 

 

358.7

 

 

 

 

 

359.9

 

 

 

358.5

 

 

 

Weighted-average common shares

outstanding, assuming dilution

 

 

362.7

 

 

 

360.7

 

 

 

 

 

362.1

 

 

 

361.0

 

 

 

(1)

Further information on interest on funds held for clients and other expense, net, and the short- and long-term effects of changing interest rates can be found in our filings with the SEC, including our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K, as applicable, under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and subheadings “Results of Operations” and “Market Risk Factors.” These filings are accessible at www.paychex.com.

 

(2)

Percentage changes are calculated based on unrounded numbers.

 

n/m – not meaningful

PAYCHEX, INC.

CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except per share amounts)

 

 

 

 

 

 

 

 

 

May 31,

 

 

2021

 

2020

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

995.2

 

$

905.2

Restricted cash

 

 

51.3

 

 

49.8

Corporate investments

 

 

36.7

 

 

27.2

Interest receivable

 

 

24.4

 

 

26.2

Accounts receivable, net of allowance for doubtful accounts

 

 

578.3

 

 

384.1

PEO unbilled receivables, net of advance collections

 

 

450.9

 

 

380.0

Prepaid income taxes

 

 

33.5

 

 

16.8

Prepaid expenses and other current assets

 

 

249.2

 

 

244.8

Current assets before funds held for clients

 

 

2,419.5

 

 

2,034.1

Funds held for clients

 

 

3,750.0

 

 

3,430.5

Total current assets

 

 

6,169.5

 

 

5,464.6

Long-term restricted cash

 

 

37.0

 

 

21.3

Long-term corporate investments

 

 

7.1

 

 

10.2

Property and equipment, net of accumulated depreciation

 

 

395.8

 

 

407.4

Operating lease right-of-use assets, net of accumulated amortization

 

 

103.0

 

 

114.8

Intangible assets, net of accumulated amortization

 

 

275.8

 

 

330.6

Goodwill

 

 

1,820.7

 

 

1,791.1

Long-term deferred costs

 

 

384.1

 

 

372.5

Other long-term assets

 

 

34.2

 

 

38.2

Total assets

 

$

9,227.2

 

$

8,550.7

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Accounts payable

 

$

89.0

 

$

79.4

Accrued corporate compensation and related items

 

 

209.7

 

 

131.7

Accrued worksite employee compensation and related items

 

 

586.4

 

 

512.4

Short-term borrowings

 

 

7.4

 

 

5.1

Accrued income taxes

 

 

—

 

 

50.5

Deferred revenue

 

 

37.9

 

 

39.2

Other current liabilities

 

 

336.8

 

 

277.6

Current liabilities before client fund obligations

 

 

1,267.2

 

 

1,095.9

Client fund obligations

 

 

3,671.0

 

 

3,331.0

Total current liabilities

 

 

4,938.2

 

 

4,426.9

Accrued income taxes

 

 

25.8

 

 

33.5

Deferred income taxes

 

 

218.0

 

 

240.8

Long-term borrowings, net of debt issuance costs

 

 

797.3

 

 

796.8

Operating lease liabilities

 

 

92.4

 

 

96.9

Other long-term liabilities

 

 

207.5

 

 

174.4

Total liabilities

 

 

6,279.2

 

 

5,769.3

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Common stock, $0.01 par value; Authorized: 600.0 shares;

Issued and outstanding: 359.8 shares as of May 31, 2021

and 358.8 shares as of May 31, 2020

 

 

3.6

 

 

3.6

Additional paid-in capital

 

 

1,446.7

 

 

1,289.9

Retained earnings

 

 

1,445.9

 

 

1,431.4

Accumulated other comprehensive income

 

 

51.8

 

 

56.5

Total stockholders’ equity

 

 

2,948.0

 

 

2,781.4

Total liabilities and stockholders’ equity

 

$

9,227.2

 

$

8,550.7

PAYCHEX, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

 

 

 

 

 

 

 

 

 

For the twelve months ended

 

 

May 31,

 

 

2021

 

2020

OPERATING ACTIVITIES

 

 

 

 

 

 

Net income

 

$

1,097.5

 

$

1,098.1

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

192.0

 

 

209.7

Amortization of premiums and discounts on available-for-sale securities, net

 

 

35.8

 

 

40.8

Amortization of deferred contract costs

 

 

191.4

 

 

186.1

Stock-based compensation costs

 

 

52.5

 

 

47.4

(Benefit)/provision for deferred income taxes

 

 

(21.0)

 

 

(4.0)

Provision for allowance for doubtful accounts

 

 

8.0

 

 

7.8

Net realized gains on sales of available-for-sale securities

 

 

(1.2)

 

 

(11.3)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Interest receivable

 

 

1.8

 

 

1.2

Accounts receivable and PEO unbilled receivables, net

 

 

(272.9)

 

 

55.1

Prepaid expenses and other current assets

 

 

(15.8)

 

 

(1.6)

Accounts payable and other current liabilities

 

 

169.0

 

 

(4.9)

Deferred costs

 

 

(208.0)

 

 

(196.6)

Net change in other long-term assets and liabilities

 

 

32.1

 

 

12.7

Net change in operating lease right-of-use assets and liabilities

 

 

(0.9)

 

 

0.4

Net cash provided by operating activities

 

 

1,260.3

 

 

1,440.9

INVESTING ACTIVITIES

 

 

 

 

 

 

Purchases of available-for-sale securities

 

 

(6,089.7)

 

 

(25,218.1)

Proceeds from sales and maturities of available-for-sale securities

 

 

5,771.9

 

 

26,132.9

Purchases of property and equipment

 

 

(114.6)

 

 

(127.0)

Acquisition of businesses, net of cash acquired

 

 

(19.5)

 

 

(6.1)

Purchases of other assets

 

 

(8.7)

 

 

(9.8)

Net cash (used in)/provided by investing activities

 

 

(460.6)

 

 

771.9

FINANCING ACTIVITIES

 

 

 

 

 

 

Net change in client fund obligations

 

 

340.0

 

 

(453.3)

Net proceeds from short-term borrowings

 

 

2.3

 

 

5.1

Dividends paid

 

 

(908.7)

 

 

(889.4)

Repurchases of common shares

 

 

(155.7)

 

 

(171.9)

Activity related to equity-based plans

 

 

85.7

 

 

21.3

Net cash used in financing activities

 

 

(636.4)

 

 

(1,488.2)

Net change in cash, restricted cash, and equivalents

 

 

163.3

 

 

724.6

Cash, restricted cash, and equivalents, beginning of fiscal year

 

 

1,659.8

 

 

935.2

Cash, restricted cash, and equivalents, end of fiscal year

 

$

1,823.1

 

$

1,659.8

 

 

 

 

 

 

 

Reconciliation of cash, restricted cash and equivalents

 

 

 

 

 

 

Cash and cash equivalents

 

$

995.2

 

$

905.2

Restricted cash

 

 

88.3

 

 

71.1

Restricted cash and restricted cash equivalents included in funds held for clients

 

 

739.6

 

 

683.5

Total cash, restricted cash, and equivalents

 

$

1,823.1

 

$

1,659.8

 

 

 

 

 

 

 

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585‑383‑3406

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